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8-K - FORM 8-K - REMEDENT, INC.v232277_8k.htm
REMEDENT REPORTS FIRST QUARTER RESULTS
AND TO HOST CONFERENCE CALL ON AUGUST 18, 2011

 
Ghent, Belgium-(Marketwire-8/15/11)-Remedent, Inc., (OTCBB:REMI-News), An international company specializing in research, development, and manufacturing of oral care and cosmetic dentistry products, reported results for the first quarter ended  June 30, 2011 (in US Dollars).
 
Net sales for the three months ended June 30, 2011 decreased 13% to $3 million compared to $3.4 million for the same year ago quarter.  Net loss for the three months ended June 30, 2011 prior to taxes and non-controlling  interests was $75k compared to net profit of $567k for the same year ago quarter.
 
Cash and cash equivalents totaled approximately $3 million at June 30, 2011 compared to $1.6 million reported at March 31, 2011.
 
Management Commentary:
 
“Our investment in our Chinese operations, continues to exceed all our expectations. For the three months ended June 30, 2011, Glamsmile Asia generated $900k in revenues and approximately $400k in profits for the first quarter prior to taxes and outside shareholders interest. This is a 50% increase in revenue for the same year ago quarter. We anticipate further growth in China and a new fourth studio is expected to open in Wenzhou, China in September, 2011. We are certainly looking forward to getting Glamsmile Asia positioned as one of the leading luxury brands in China as well as the other neighboring nearby emerging markets, said Guy De Vreese, CEO of Remedent, Inc.”
 
Conference Call Information
 
Remedent will host a conference call on Thursday August 18, 2011 at 11:00  AM Eastern Standard Time (8:00 AM Pacific Standard Time) to discuss these results.   A question and answer session will follow management’s presentation. To participate in the call, dial the appropriate number 5-10 minutes before the start time.
 
Date: Thursday, August 18, 2011
Time: 11:00 AM Eastern time (8:00 AM Pacific time)
Dial in number: 888-233-7975
Pass code: 8070349

A telephone replay of the call will be available until August 31, 2011
Toll Free Replay Number: 888-203-1112
Replay Password: 8070349
 
 
 

 
 
About Remedent
 
Remedent Inc., specializes in the research, development and marketing of oral care and cosmetic dentistry products. The company serves the professional dental industry with breakthrough technology for dental veneers. These products are supported by a line of professional veneer whitening and tooth sensitivity solutions. Headquartered in Belgium, Remedent distributes its products to more than 35 countries worldwide. For more information, go to www.remedent.be
 
Forward-Looking Statements

Statements in this press release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause Remedent's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," "projects," "project," to be uncertain and forward-looking. Actual results could differ materially because of factors such as Remedent's ability to achieve the synergies and value creation contemplated by the proposed transaction. For further information regarding risks and uncertainties associated with Remedent's business, please refer to the risk factors described in Remedent's filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. We undertake no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.


REMEDENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
   
For the three months ended
June 30,
 
   
2011
   
2010
 
             
Net sales
 
$
3,001,971
   
$
3,436,759
 
Cost of sales
   
817,397
     
914,337
 
Gross profit
   
2,184,574
     
2,522,422
 
Operating Expenses
               
Research and development
   
116,496
     
65,545
 
Sales and marketing
   
665,978
     
512,976
 
General and administrative
   
1,152,007
     
1,152,712
 
Depreciation and amortization
   
178,870
     
201,202
 
TOTAL OPERATING EXPENSES
   
2,113,351
     
1,932,435
 
INCOME (LOSS) FROM OPERATIONS
   
71,223
     
589,987
 
OTHER (EXPENSES) INCOME
               
Interest expense
   
(111,522
)
   
(54,891)
 
Other income
   
51,649
     
38,860 
 
TOTAL OTHER (EXPENSES) INCOME
   
(59,873)
     
(16,031)
 
                 
NET INCOME BEFORE TAXES AND NON-CONTROLLING INTEREST
   
11,350
     
573,956 
 
                 
INCOME TAXES
   
(86,393
)
   
(6,229)
 
NET (LOSS) INCOME BEFORE NON-CONTROLLING INTEREST
   
(75,043
)
   
567,727 
 
                 
LESS: NET INCOME ATTRIBUTABLE TO THE NON-CONTROLLING INTEREST
   
259,630
     
255,577 
 
                 
NET (LOSS) INCOME ATTRIBUTABLE TO REMEDENT, INC. Common Stockholders
 
$
(334,673
)
 
$
312,150 
 
                 
(LOSS) INCOME PER SHARE
               
Basic
 
$
(0.02
)
 
$
0.02
 
Fully diluted
 
$
(0.02
)
 
$
0.01
 
                 
WEIGHTED AVERAGE SHARES OUTSTANDING
               
Basic
   
19,995,969
     
19,995,969
 
Fully diluted
   
19,995,969
     
21,160,969
 
 
 
 

 

REMEDENT, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
 
   
For the three months
ended June 30,
 
   
2011
   
2010
 
Net Income(Loss) Attributable to Remedent Common Stockholders
 
$
(334,673
)
 
$
312,150 
 
                 
OTHER COMPREHENSIVE
               
INCOME (LOSS):
               
Foreign currency translation adjustment
   
57,279
     
(177,648)
 
                 
TOTAL OTHER COMPREHENSIVE (LOSS) INCOME
   
(277,934
)
   
134,502
 
                 
LESS: COMPREHENSIVE LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST
   
     
(15,865)
 
                 
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO REMEDENT Common Stockholders
 
$
(277,934
)
 
$
150,367
 
 
 
 

 
 
REMEDENT, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
 
   
June 30, 2011
   
March 31, 2011
 
ASSETS
 
(unaudited)
       
CURRENT ASSETS:
           
Cash and cash equivalents
 
$
2,975,682
   
$
1,662,520
 
Accounts receivable, net of allowance for doubtful accounts of $29,719 at June 30, 2011 and $28,975 at March 31, 2011
   
2,092,397
     
2,764,651
 
Inventories, net
   
2,294,648
     
2,164,046
 
Prepaid expense
   
874,546
     
762,953
 
Total current assets
   
8,237,273
     
7,354,170
 
PROPERTY AND EQUIPMENT, NET
   
1,263,851
     
1,401,735
 
OTHER ASSETS
               
Patents, net
   
242,299
     
166,746
 
Goodwill
   
699,635
     
699,635
 
Total assets
 
$
10,443,058
   
$
9,622,286
 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
               
CURRENT LIABILITIES:
               
Current portion, long term debt
 
$
137,841
   
$
184,679
 
Line of Credit
   
2,304,115
     
2,160,674
 
Short term loan
   
441,702
     
400,000
 
Accounts payable
   
1,831,486
     
1,744,253
 
Accrued liabilities
   
951,472
     
1,256,148
 
Deferred revenue
   
475,250
     
475,250
 
Due to related parties
   
     
95,354
 
Total current liabilities
   
6,141,866
     
6,316,358
 
Long term debt less current portion
   
1,273,557
     
273,557
 
Total liabilities
   
7,415,423
     
6,589,915
 
                 
EQUITY:
               
Preferred Stock $0.001 par value (10,000,000 shares authorized, none issued and outstanding)
   
     
 
Common stock, $0.001 par value; (50,000,000 shares authorized, 19,995,969 shares issued and outstanding at June 30, 2011 and March 31, 2011 respectively)
   
19,996
     
19,996
 
Treasury stock, at cost; 723,000 shares outstanding at June 30, 2011 and March 31, 2011 respectively
   
(831,450
)
   
(831,450
)
Additional paid-in capital
   
24,868,908
     
24,855,883
 
Accumulated deficit
   
(21,447,788
)
   
(21,113,118
)
Accumulated other comprehensive income (loss) (foreign currency translation adjustment)
   
(777,670
)
   
(834,949
)
Obligation to issue shares
   
97,500
     
97,500
 
Total Remedent, Inc. stockholders’ equity
   
1,929,496
     
2,193,862
 
Non-controlling interest
   
1,098,139
     
838,509
 
Total stockholders’ equity
   
3,027,635
     
3,032,371
 
Total liabilities and equity
 
$
10,443,058
   
$
9,622,286